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-   -   Holding a mortgage for a family member (https://www.askmehelpdesk.com/showthread.php?t=500283)

  • Aug 21, 2010, 05:38 AM
    bluenoser1
    Holding a mortgage for a family member
    I am loaning my sister $$$ for a piece of land adjacent to her's. How do I go about doing this? What should I do legally to cover myself?
  • Aug 21, 2010, 05:44 AM
    excon

    Hello b:

    Hire a lawyer to draw up the note.

    excon
  • Aug 21, 2010, 06:51 AM
    ScottGem

    While hiring a lawyer is often the best advice it may not be necessary here. You should be able to find a template for a promissory note online or buy one at a Staples, etc. The note will state the terms of the loan and property used to secure it.

    Once you both sign the note, you register it with the county clerk as a lien against the property.

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